ForSaleByOwner.com Founder Sells Condo — Using Real Estate
ForSaleByOwner.com Founder Sells Condo — Using Real Estate
Sign In MERRILL EDGE® TRADING $6.95 Per Online Trade w/ No Minimum Account Balance. Start Now. REAL ESTATE MARKETS ForSaleByOwner.com Founder Sells Condo — Using Real Estate Agent By Alison Rogers @RE_Rookie Tweet Aug. 17, 2011 10 Share 3 Comments 39 Read Later Correction: An earlier version of this article mistakenly identified Colby Sambrotto as a founder of FSBO.com. In fact, he is a founder of ForSaleByOwner.com. RELATED Housing Starts Down in July The Associated Press They’re known as “FSBOs” — properties that are For Sale By Owner. Every year, hundreds of thousands of properties are listed, not by real estate agents, but by the owners themselves. Now, I’m a real estate agent, but I do Housing Starts in U.S. Weaken as Construction Stagnates Bloomberg Businessweek understand this: Often, these are property holders who want to save a real estate agent’s fee. These FSBOs are willing to do the work of researching a property’s correct price, staging it to its optimum, advertising it in the right channels and to the right buyers, and showing, showing, showing. But sometimes, FSBOs are just owners who have unrealistic expectations of how easy it is to sell a property — why, just list it on the Internet and the Email Print Share Comment Follow @TIMEBusiness buyers will come, they theorize. That’s why it was a sweet tale for every real estate agent to hear that Colby Sambrotto, one of the founders of Internet listing site ForSaleByOwner.com, ended up hiring a real estate agent to sell his $2 million condo. (GALLERY: Top 10 Most Spectacular Beach Homes) The sale closed earlier this summer. The agent, Jesse Buckler of Bond New York, reportedly took a 6% commission, which is usually considered a full commission in Manhattan. Now if you follow real estate, you know that this story isn’t that unusual. I believe I’ve heard craiglist.org founder POPULAR AMONG SUBSCRIBERS Japan's Booming Sex Niche: Elder Porn Craig Newmark say three different times at three different conferences that he loves his real estate agent. Perhaps that’s one reason why FSBOs accounted for just 9% of overall home sales in 2010, according to the National Association of Realtors. Young Kids, Old Bodies More interesting to me was Buckler’s pricing strategy. It’s been reported that Sambrotto had the listing on the market for months as his own FSBO; I actually see it in my computer system — I’m a working agent in Manhattan — as having gone through two other agents. However, when Buckler got the listing — this spring, as Wall Streeters got their bonuses and the market for 2- Benedict Cumberbatch Talks Secrets, Leaks, and Sherlock bedrooms heated up — he jumped the sales price by $150,000, from $2 million to $2.1 million. (MORE: Why it Pays to Ignore the Financial News) Obama's Trauma Team At that 7.5% higher price, the condo received multiple offers. So it can be argued that Buckler paid for himself and then some. Are agents really so magical that hiring one is going to generate an extra 7.5% in sales price? Not always, but a working agent does have a big advantage over an FSBO seller — the owner is selling only one property, but the agent is involved in multiple transactions. As a result, the agent can often get a better immediate “read” on the market, due to having a broader sample of information. Most Popular FROM BUSINESS & MONEY Subscribe In fact, nearly a quarter of FSBOs surveyed said that “Getting the right price” was the hardest thing for them to do, even ahead of “having enough time to devote to all aspects of the sale” (23%) and “preparing/fixing up the home for What You Should Save By 35, 45, and 55 To Be On Target sale” (18%). 1 Now if you’ve read this far and still want to go FSBO, don’t let me stop you. Just remember, it’s not as easy as the 2 5 Things You Should Absolutely Never Put on a Resume 3 9 Dream Jobs That Actually Pay 4 5 Credit Cards You Don’t Want In Your Wallet 5 5 Surprising Things You Can Buy With Food Stamps Internet gurus make it look. 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Sponsored Links JamesSimon Well, that's too bad. I mean, it is a little bit funny. When a CEO doesn't use their own business, you have to wonder how much they believe in it. It sure doesn't look good on the outside to say the least. http://www.assetrealty.com Merrill Edge® Trading Trade With The Benefit Of A Merrill Edge® Account. Open One Today. www.merrilledge.com Free Purchase Agreement Free Purchase Agreement. All States Free to Print, Save & Download! purchaseagreement.rocketlawyer.com Virtual Tour Hosting Real Estate Photography Hosting Ideal for independent photographers www.tourbuzz.net © 2016 Time Inc. All rights reserved.